Product Name
Trustee Account
Product Description
It’s a deposit account for parents wishing to save for their children. Parents/ Guardians open a savings account in their name as trustees for the minor. This account is handed over to the minor when they clock 18 years of age.
Product Objective
Boosting liquidity through cheap core and long term deposits
To raise interest income through investments of customer funds
Book Balance: MWK2,000
Target Market: Parents or guardians and deceased estates managers
Interest Rate: 3.00% per Annum
Interest Accrual: Monthly
Interest capitalization: Annually
Ledger fees: Propose to waiver of ledger fees to attract more
parents and guardians to invest for their wards
District Assemblies to open minor accounts with the MFI
Account opening requirements:
Birth certificate of the minor, valid ID of the trustee (National ID or passport or driving license) with a letter from a recognized authority or a letter from an employer and employees ID.